Adults with ADD and money management + a warning

[FramazeledKepi]

I'm writing to open a discussion about the problems that ADD present regarding money management. As a middle aged guy, I look back and realize that, among other factors, ADD has had a strong negative impact on my ability to manage my money.
It seems I lived in a constant state of "untillness". By that I mean, I spent unwisely, with the belief that I would not get disciplined "UNTIL" I solved the crisis of the day---week---month etc.
I once took some neuropsych tests and I had a really significant low score on a Rayes Test--in this test the task was to view a set of images and then to draw them from memory. The image was actually 2 imbedded images-i.e. an irregular image within another irregular image. I was told that the reason my ADD brain was so poor with this was that I can't see one factor within a larger context and hold them both at once! Hence my perenial ability to makr money decisions within the context of the bigger picture---my actual income anf the future. In closing, at the risk of being preachy, if you are in your 20s 30s even 40s--and you havd ADD and poor financial control----get hold of this now--if you get old and haven't planned for a future---you could really suffer in your old age.

[Ian]

I like to say that this inability you describe is like trying to run winduhs XP on 8 megs of RAM.

It's a big part of how my ADHD hinders my ability to prioritise. I am not good at working around this limitation.
ian

[exeter]

Originally Posted by itschaotic

I like to say that this inability you describe is like trying to run winduhs XP on 8 megs of RAM.

It's a big part of how my ADHD hinders my ability to prioritise. I am not good at working around this limitation.
ian

Install Linux.

Seriously, though. I agree. My credit report is kind of trashed, but I'm working on it. I recently took care of an $11K default on student loans, and I'm in the process of getting some judgements and misc. collection accounts removed. Fortunately, I never really trusted myself with a credit card, so I didn't get in DEEP trouble, but there is the small matter of that Staples card I used to buy a computer with. Ugh.

One thing to keep in mind if you are in financial trouble is that there is help out there. I got a copy of my credit report through a service my credit union has. They also have credit counseling to help prioritize areas to address on the report. Then, it's just a matter of going down a list and working out agreements with the creditors.

Facing up to the whole thing was really the hardest thing for me to do. Now that I've taken a look into the abyss that is my credit rating, I take comfort in at least knowing what's there and what I have to do to clean it up. All I have to do is "Just Do It (tm)".

Edit: One little piece of financial advice for anyone who is reading... "bill consolidation loans" are probably not the best way to go about taking care of these types of things. It's impossible to borrow your way out of debt. If you are like I was, then you'll just run the cards up again and be in twice as much trouble.

OTOH, student loan consolidation loans are a great thing in general. I used to work for a company that consolidated student loans, so I probably know more about that than anyone outside the student loan industry really needs to know.

[Ian]

You mean installing Linux like my Fedora Core 2 server and my girls Debian box? That sounds backwards doesn't it? Debian is a test environment to see if I'm capable to migrate away from rpm based operating systems. I keep forgetting this ain't the normal crew and that some might actually be on the same field of play as I am. Debian doesn't need much more than 8 megs of ram anyway as long as you don't run X....heheh Gentoo (stage 1 over a dial up several times , Knoppix, Debian, Peanut, and various others have all factored in at some point. I've lived in Linux since early 2000.

Gads.. it's nice to be home! Some days I wake up and feel like I'm so excited to be part of this place. This is one of those days. I've been sick for weeks and last night I got some real rest. I'll have to get off this computer and make the day count in the shop.

My credit report is fine but my wife finally took over yesterday and completed my income tax forms for 2003 yesterday. I'm going to hire someone to set up a spread sheet to enter data as I go rather than leave it for year end. I can't stand adding up receipts and tallying long lists of numbers. I think it takes years of my life and I'm dedicated to avoiding it from here on in!
ian

[FramazeledKepi]

Getting help with managing $$ sounds like a good way to avoid headaches. I just mailed in my 2003 taxes. If I didn't have Quicken---I'd really be in a total mess.


"I did not order this disorder"

[Ian]

I stopped in to see a friend/accountant and arranged to avoid the grief next year. I feel so much better. There is something about adding up reams of receipts that I find downright offencive. I'm all in a tense sweat after I finish something like that. I'm done with it and glad of it. I can probably earn twice what it will cost me to have someone do it for me in the same time it takes them to do it. duh! Sometimes I wonder about me.

Acceptance of stuff like this is so difficult but in hindsight it seems so sensible.
ian

[Sassafras]

I use Microsoft Money religiously. Some of my statements are automatically downloaded, some I have to do manually. It's helpful because you can keep track of spending, investments, etc. I'd be completely lost without it.

I prefer my electronic statements to paper ones. In fact I don't even get paper statements anymore; everything is on my computer.

What has to come on paper (tax statements, etc.), I'll scan into my computer, and then shred the original. In fact, I've started doing this with many documents that I suspect I will lose!

[Swamp Donkey]

Hmmm....dealing with money is one of the few things in life where I have come to the conclusion that I can't do it.
I made a mistake in my check register one month by not adding in a $1500 deposit, and still got my balance in the checkbook to balance with my bank statement. About 2 months later, I did the exact opposite and missed putting in a $1500 withdrawl, and still reconciled my checkbook with the statement.
Then the day of reckoning came and I was overdrawn to the tune of several thousand. I went back through 4-5 months of records and eventually found my mistakes.
I am absolutely amazed by people who can take their paycheck, put it in the bank, pay their bills--and get it right month after month, year after year.
I made a very deliberate decision 4 or 5 years ago to quit having a bank account and just live on a "cash basis" and it greatly simplified things for me.

I cash my check at what ever bank my employer uses (although now I started a business that just got difficult--I've moved to TN from TX and still have a TX license, but the bank I have for my business requires a TN license to cash a check--even if I'm the authorized signer on the account!); get money orders or use a bill pay service at the grocery store; pay cash for everthing else.
I can budget the paycheck no problem--bills usually get paid on time, and when they don't its almost always because of my sense of passing time keeping track of what day it is get in the way.
Oh yeah, I've got a bookkeeper for my business, and her understanding and ability in the art continually amaze me--things I find hopelessly confusing are simplicity itself to her.

[rogerj1]

I actually advise people what to do with their money for a living. I haven't always followed my own advice but there are several things I've done or learned that have saved myself from myself.

Set up an automatic investment program- you probably have one with your 401k at work. If not, you can have it set up with any mutual fund company where they take the money right out of your account. This will ensure that you keep saving/investing money even when there's not some big exciting reason to do so.

Add overdraft protection to your checking. Even though this means you'll feel the urge to spend more money than you make, it will allow you to avoid the onerous fees banks charge for overdrafts, because they know they can get away with it. Make sure you pay off the overdraft account before it gets too carried away.

Avoid buying investments being hyped by someone else, especially friends. If you're unsophisticated about investing, I'll guarantee you, by the time the idea trickles down to you everyone else has heard about, acted on it, and begun locking in profits.

Good investing is usually quite boring and seldom involves getting lucky or hitting the big one. You just keep plugging away at it. If you want excitement, go to Vegas, at least you get free drinks.

[HighFunctioning]

Originally Posted by itschaotic

....heheh Gentoo (stage 1 over a dial up several times , Knoppix, Debian, Peanut, and various others have all factored in at some point. I've lived in Linux since early 2000.

Ah, yes! The wonderful dial up game. I now have cable access now that I moved, but I remember the days. My parents were not too happy about me downloading 3 Slackware ISO images over dialup in one continuous session (approx. 1.8 GB) on our only line . . .

[exeter]

Ouch. 1.8 GB over dialup must have taken a couple of days at least. I'm writing from a gentoo box I installed from stage 1 (fortunately over cable), btw.

Just to drag this thread back on topic somewhat, one of the things I do that helps me manage my money is do a lot of stuff online. I find it's much easier to keep track of stuff that I pay online than it is to write checks, mail them, etc.

[notnow]

I am horrible at the administative tasks of managing money, paying bills and paying taxes. I was actually in charge of it for a couple years in my household before my wife took over. I did manage to get every bill we pay automated, either from the company itself (gas, electric, etc) or through my bank's online bill payment service.

Before that happened I was a real mess. I was in and out of college for around 8 years and in that period I managed to default on my student loans, have a car repo'ed, defaulted on credit card payments, had utilities shut off, etc etc. Usually I had the money to pay these bills, I just never 'got around to it'.

My credit report is actually very good now, I got my student loans consolidated a few years ago and they are almost paid off. Our bills are always paid on time now (thanks to automated online bill pay). I still have never balanced a checkbook and my taxes always get paid late but now that my wife has taken over all these, it should be smooth sailing now.

[reusablepheonix]

money management...everything is 2 months late and I am always on the verge of getting my house repossesed. I am good about not spending money, as I am a cheap tightwad. I am self employed and havnt done my taxes for 3 years. I make $50 an hour ( I work part time) but my desk is just a worthless pile of disorganized bills, and I lose alot of business because I cant organize my scedule and I am always loseing business as a result. I forget to do things, and my utilities, phone line, ect. is always getting shut off even though I may have the $$$ to pay the bill. Why cuz I am so ******* retarted, like some idiot drug addict alcholholic who lets everything go to sheit, but I m not on any drugs. Hopfully this Sattera drug I am on will clear my head so I can stop wandering around the house like a daydreaming stoner not getting anything done. I have the worst credit rating one can have, I realize I can do better, still, I find myself just walking around my house in a daydreaming daze not getting anything done. Everyday, day after day, for months at a time, year after year... sigh. I wish I had a different brain.

[Coral Rhedd]

Originally Posted by FramazeledKepi

I once took some neuropsych tests and I had a really significant low score on a Rayes Test--in this test the task was to view a set of images and then to draw them from memory. The image was actually 2 imbedded images-i.e. an irregular image within another irregular image. I was told that the reason my ADD brain was so poor with this was that I can't see one factor within a larger context and hold them both at once!

Why don't they have an emoticon where big tears roll from your eyes. This fits me to a T. I'm going to see if my psychologist will administer that test to me. Every little bit of the picture helps.

Now where was I? What was I talking about? Why don't they have an emoticon that is losing its A $ $?

Oh yeah . . . images . . . big picture . . . little picture.

Why can I never fit the little picture into the big picture?

[casper]

Read "Rich Dad Poor Dad" Its such a good book about money managemnt. I loved it, it really inspired me. Not to mention it was one book i actually read cover to cover without getting distracted!